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This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: Giving priority to strategic public policy objectives rather than tactical trading objectives; Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management; Modernizing debt management; Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament. This paper-a joint product of the Office of the Senior Vice President and Chief Economist, Development Economics, and Public Debt Management Group, Banking, Capital Markets, and Financial Engineering Department-is part of a larger effort in the Bank to analyze the institutional dimentions of effective government policy.

Bank Policy --- Banks and Banking Reform --- Central Bank --- Corporate Governance --- Debt Markets --- Emerging Market --- Emerging Market Countries --- Emerging Market Economies --- Emerging Markets --- Exchange --- Exchange Rate --- External Debt --- Finance --- Finance and Financial Sector Development --- Financial Literacy --- Financial Management --- Financial Portfolio --- Financial Risks --- Institutional Capacity --- International Economics & Trade --- Monetary Policy --- Portfolio Management --- Principal-Agent Problem --- Private Sector Development --- Public and Municipal Finance --- Public Debt --- Public Debt Management --- Public Sector Economics and Finance --- Strategic Debt Management --- Trading --- Transition Countries --- Urban Development --- Urban Economics

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Before the seventeenth century, trade across Eurasia was mostly conducted in short segments along the Silk Route and Indian Ocean. Business was organized in family firms, merchant networks, and state-owned enterprises, and dominated by Chinese, Indian, and Arabic traders. However, around 1600 the first two joint-stock corporations, the English and Dutch East India Companies, were established. Going the Distance tells the story of overland and maritime trade without Europeans, of European Cape Route trade without corporations, and of how new, large-scale, and impersonal organizations arose in Europe to control long-distance trade for more than three centuries. Ron Harris shows that by 1700, the scene and methods for global trade had dramatically changed: Dutch and English merchants shepherded goods directly from China and India to northwestern Europe. To understand this transformation, Harris compares the organizational forms used in four major regions: China, India, the Middle East, and Western Europe. The English and Dutch were the last to leap into Eurasian trade, and they innovated in order to compete. They raised capital from passive investors through impersonal stock markets and their joint-stock corporations deployed more capital, ships, and agents to deliver goods from their origins to consumers. Going the Distance explores the history behind a cornerstone of the modern economy, and how this organizational revolution contributed to the formation of global trade and the creation of the business corporation as a key factor in Europe's economic rise.

Corporations --- History. --- Eurasia --- Commerce --- Economic conditions. --- Accounting. --- Arabian Sea. --- Arabs. --- Armenians. --- British Empire. --- Business Activities. --- Cairo Geniza. --- Calculation. --- Caravanserai. --- Case study. --- Central Asia. --- Central Europe. --- China. --- Civilization. --- Commodity. --- Confucianism. --- Corporation. --- Creditor. --- Currency. --- Dividend. --- Dutch East India Company. --- Eastern Mediterranean. --- Economic development. --- Economics. --- Entrepreneurship. --- Ethnic group. --- Eurasia. --- Eurasian (mixed ancestry). --- Europe. --- Exchange rate. --- Exit Option. --- Expense. --- Expropriation. --- Fugger. --- Fujian. --- Fustat. --- General partnership. --- Governance. --- Guangzhou. --- Gujarat. --- Income. --- Indian Ocean trade. --- Indian Ocean. --- Indonesia. --- Infrastructure. --- Institution. --- Investor. --- Islam. --- Jews. --- Joint venture. --- Joint-stock company. --- Jurist. --- Legal history. --- Levant Company. --- Limited partnership. --- Literature. --- Livorno. --- Lock-in (decision-making). --- Longevity. --- Malabar Coast. --- Merchant. --- Middle East. --- Mongols. --- Muziris. --- New Julfa. --- North Africa. --- Organizational structure. --- Ottoman Empire. --- Ownership. --- Partnership. --- Passive investor. --- Payment. --- Principal–agent problem. --- Quanzhou. --- Receipt. --- Roman Law. --- Routledge. --- Shareholder. --- Silk Road. --- Song dynasty. --- South India. --- Southeast Asia. --- Spice trade. --- Sri Lanka. --- Stock market. --- Stock trader. --- Supply (economics). --- Syndicate. --- Tax. --- Technology. --- Trade route. --- Turpan. --- Usury. --- Wealth. --- Western Asia. --- Western Europe. --- Writing. --- Yuan dynasty. --- Zheng (state). --- Zheng He.

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In this landmark work of economic sociology, Lucien Karpik introduces the theory and practical tools needed to analyze markets for singularities. Singularities are goods and services that cannot be studied by standard methods because they are multidimensional, incommensurable, and of uncertain quality. Examples include movies, novels, music, artwork, fine wine, lawyers, and doctors. Valuing the Unique provides a theoretical framework to explain this important class of products and markets that for so long have eluded neoclassical economics. With this innovative theory--called the economics of singularities--Karpik shows that, because of the uncertainty and the highly subjective valuation of singularities, these markets are necessarily equipped with what he calls "judgment devices"--such as labels, brands, guides, critics, and rankings--which provide consumers with the credible knowledge needed to make reasonable choices. He explains why these markets are characterized by the primacy of competition by qualities over competition by prices, and he identifies the conditions under which singularities are constructed or are in danger of losing their uniqueness. After demonstrating how combinations of the numerous and multiform judgment devices can be used to identify different market models, Karpik applies his analytical tools to the functioning of a large number of actual markets, including fine wines, movies, luxury goods, pop music, and legal services.

Product differentiation. --- Economics --- Sociological aspects. --- Advertising. --- Appellation. --- Behavior. --- Bulletin board system. --- Business consultant. --- Calculation. --- Capitalism. --- Christian Lacroix. --- Clothing. --- Commoditization. --- Commodity. --- Confidence trick. --- Consideration. --- Consumer. --- Credence good. --- Criticism. --- Customer. --- Diploma. --- Discount store. --- Discourse. --- Disenchantment. --- Distrust. --- Economic efficiency. --- Economic equilibrium. --- Economic rent. --- Economic sociology. --- Economics. --- Effectiveness. --- Enron scandal. --- Entrepreneurship. --- Experience good. --- Extreme risk. --- Filmmaking. --- Flowchart. --- Fordism. --- Frank Knight. --- Guideline. --- Hannah Arendt. --- Harold Garfinkel. --- High frequency. --- Individualism. --- Industrial production. --- Ingenuity. --- Institution. --- Interaction. --- Laissez-faire. --- Lawyer. --- Level of analysis. --- Luxury goods. --- Mainstream economics. --- Mark Granovetter. --- Market (economics). --- Marketing. --- Media culture. --- Mid-ocean ridge. --- Modernity. --- Multivariate analysis. --- N. (novella). --- Obstacle. --- Oligopoly. --- Opportunism. --- Originality. --- Personal network. --- Phenomenon. --- Political movement. --- Popular music. --- Price Lists. --- Pricing. --- Principal–agent problem. --- Profession. --- Professional services. --- Rationality. --- Relative strength. --- Reputation. --- Requirement. --- Result. --- Scarification. --- Search good. --- Self-fulfillment. --- Self-organization. --- Social relation. --- Sociology. --- Solicitor. --- Solidity. --- Spheres of exchange. --- Standardization. --- Subjectivity. --- Supermarket. --- The Interpretation of Dreams. --- The Journal of Business. --- The Other Hand. --- Theory Of Price. --- Theory. --- Uncertainty. --- Visual search. --- Viviana Zelizer. --- Walter Benjamin. --- Weighting. --- Western Hemisphere. --- Writing.

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Why did the Soviet Union squander the political leverage afforded by its trade subsidy to Eastern Europe? Why did Soviet officials fail to bargain with resolve, to link subsidies to salient political issues, to make credible commitments, and to monitor the satellites' policies? Using an unprecedented array of formerly secret documents housed in archives in Moscow, Warsaw, and Prague, as well as interviews with former Communist officials across Eastern Europe, Randall Stone answers these questions and others that have long vexed Western political scientists. Stone argues that trade politics revolved around the incentives created by distorted prices. The East European satellites profited by trading on the margin between prices on the Western market and those in the Soviet bloc. The Soviet Union made numerous attempts to reduce its implicit trade subsidy and increase the efficiency of the bloc, but the satellites managed consistently to outmaneuver Soviet negotiators. Stone demonstrates how the East Europeans artfully resisted Soviet objectives. Stone draws upon recent developments in bargaining and principal-agent theory, arguing that the incentives created by domestic institutions weakened Soviet bargaining strategies. In effect, he suggests, perverse incentive structures in the Soviet economy were exported into Soviet foreign policy. Furthermore, Stone argues, incentives to smother information were so deeply entrenched that they frustrated numerous attempts to reform Soviet institutions.

Trade adjustment assistance --- 815 Geschiedenis --- 830 Economie --- 831.1 Handelspolitiek --- 836 (Multi-)nationale ondernemingen --- 841 Politiek Bestel --- 841.5 Bestuur en beleid --- 884.1 Oost-Europa --- Adjustment assistance, Trade --- Domestic adjustment assistance --- Europe, Eastern --- East Europe --- Eastern Europe --- Foreign economic relations --- Foreign relations --- Commercial policy --- Economic assistance, Domestic --- Foreign trade and employment --- Manpower policy --- Subsidies --- relations internationales --- relations economiques internationales --- Aide à l'ajustement de la commercialisation --- URSS --- Europe de l'Est --- Pologne --- Hongrie --- Tchecoslovaquie --- Relations economiques exterieures --- Politique economique --- Accountability. --- Accounting. --- Adverse selection. --- Adviser. --- Balance of trade. --- Bargaining power. --- Behalf. --- Bilateral trade. --- Capitalism. --- Case study. --- Central Committee. --- Chairman. --- Comecon. --- Commodity. --- Consideration. --- Construction. --- Consumer Goods. --- Credibility. --- Currency. --- Czechoslovakia. --- Debt. --- East Germany. --- Eastern Bloc. --- Eastern Europe. --- Economic development. --- Economic integration. --- Economic planning. --- Economic policy. --- Economics. --- Economist. --- Economy of Poland. --- Economy of the Soviet Union. --- Economy. --- Employment. --- Exchange rate. --- Export. --- Foreign direct investment. --- Foreign policy. --- Gosplan. --- Government budget. --- Grand strategy. --- Hard currency. --- Ideology. --- Implementation. --- Incentive. --- Information asymmetry. --- Institution. --- International Monetary Fund. --- International relations. --- Investment. --- Iron ore. --- Joint venture. --- Liberalization. --- Market price. --- Mikhail Gorbachev. --- Multilateralism. --- Negotiation. --- Nikolai Baibakov. --- Obstacle. --- Payment. --- Perestroika. --- Perverse incentive. --- Planned economy. --- Planning Commission (India). --- Planning. --- Policy. --- Politburo. --- Politics. --- Position paper. --- Pricing. --- Principal–agent problem. --- Proclamation. --- Productive capacity. --- Quality control. --- Quantity. --- Raw material. --- Receipt. --- Regulation. --- Requirement. --- Research and development. --- Ruble. --- Scarcity. --- Second World. --- Shortage. --- Socialist economics. --- Socialist state. --- Soviet Union. --- Strategy. --- Subsidy. --- Supply (economics). --- Supply and demand. --- Tax. --- Technical progress (economics). --- Technology. --- Trade-off. --- Treaty. --- Uncertainty. --- Wojciech Jaruzelski. --- Working group. --- World economy. --- Советский Союз --- Ber. ha-M. --- Związek Socjalistycznych Republik Radzieckich --- ZSRR --- Związek Socjalistycznych Republik Sowieckich --- ZSRS --- Szovjetunió --- TSRS --- Tarybų Socialistinių Respublikų Sąjunga --- SRSR --- Soi︠u︡z Radi︠a︡nsʹkykh Sot︠s︡ialistychnykh Respublik --- SSSR --- Soi︠u︡z Sovetskikh Sot︠s︡ialisticheskikh Respublik --- UdSSR --- Shūravī --- Ittiḥād-i Jamāhīr-i Ishtirākīyah-i Shūrāʼīyah --- Russia (1923- U.S.S.R.) --- Sovetskiy Soyuz --- Soyuz SSR --- Sovetskiĭ Soi︠u︡z --- Soi︠u︡z SSR --- Uni Sovjet --- Union of Soviet Socialist Republics --- USSR --- SSṚM --- Sovetakan Sotsʻialistakan Ṛespublikaneri Miutʻyun --- SSHM --- Sovetakan Sotsʻialistakan Hanrapetutʻyunneri Miutʻyun --- Unión de Repúblicas Socialistas Soviéticas --- Berit ha-Moʻatsot --- Rusyah --- Ittiḥād al-Sūfiyītī --- Rusiyah --- Rusland --- Soṿet-Rusland --- Uni Soviet --- Union soviétique --- Zȯvlȯlt Kholboot Uls --- Związek Radziecki --- ESSD --- Sahaphāp Sōwīat --- KhSHM --- SSR Kavširi --- Russland --- SNTL --- PSRS --- Su-lien --- Sobhieṭ Ẏuniẏana --- FSSR --- Unione Sovietica --- Ittiḥād-i Shūravī --- Soviyat Yūniyan --- Russian S.F.S.R. --- Č.S.R. --- C.S.R.S. --- Č.S.S.R. --- Cecoslovacchia --- Ceho-Slovacia --- Čehoslovakija --- Česká a Slovenská Federatívna Republika --- Česká a Slovenská Federativní Republika --- Češkoslovaška --- Československa republika --- Československá socialistická republika --- Československo --- Checoslovaquia --- Chekhoslovakii︠a︡ --- Chekhoslovat︠s︡kai︠a︡ Sot︠s︡ialisticheskai︠a︡ Respublika --- Chieh-kʻo-ssu-lo-fa-kʻo --- Chieh-kʻo-ssu-lo-fa-kʻo she hui chu i kung ho kuo --- ChSFR --- ChSSR --- Cseh-Szlovákia --- Csehszlovákia --- ČSFR --- ČSR --- CSRS --- ČSSR --- Czech and Slovak Federal Republic --- Czecho-Slovakia --- Czechoslovak Socialist Republic --- Czechosłowacja --- Republika československa --- Tchécoslovaquie --- Tschechische Sozialistische Republik --- Tschechoslowakei --- Tsechoslobakia --- Tsechoslovakia --- Ts'ekhoslovaḳyah --- Tshīkūslūfākiyā --- Tsjechoslowakije --- Tsjekkoslovakia --- Czech Republic --- Slovakia --- Dēmokratia tēs Oungarias --- Gweriniaeth Hwngari --- Hanekeria --- Hangarī --- Hongaarse Republiek --- Hongaria --- Hongarije --- Hongarye --- Hŏnggari --- Hongria --- Honharije --- Hunakalia --- Hungara Respubliko --- Hungari --- Hungaria --- Hungariako Errepublika --- Hungarian Republic --- Hungariar Errepublika --- Hungario --- Hungarujo --- Hungaryah --- Hungría --- Hungrii --- Hwngari --- Jamhuri ya Hungaria --- Lepulika o Hungary --- Lýðveldið Ungverjaland --- Macaristan --- Macaristan Cumhuriyeti --- Macarıstan Respublikası --- Mađarska --- Mad̕arská republika --- Maďarsko --- Madi︠a︡rshchyna --- Madjaristan --- Madžarska --- Madźary --- Madzhar --- Madzhar Respublika --- Magyar Köztársaság (Republic) --- Magyar Népköztársaság --- Magyar Republic --- Magyar Tanácsköztársaság --- Magyarország (Republic) --- Majarstan Jȯmḣu̇rii︠a︡te --- Majoriston --- Mazharstan --- Mazharstan Respublikasy --- Ohorsʹka Respublika --- Ongaria --- Ongiri --- Ongria --- Oonguri --- Oungaria --- Oгорська Республіка --- Pobblaght ny h-Ungaar --- Poblacht na hUngáire --- Republic of Hungary --- República da Hungria --- República de Hungría --- República d'Hongria --- Republica d'Ongria --- Republica Ungară --- Republica Ungaria --- Republica Ungrese --- Republiek van Hongarye --- Republik bu Oonguri --- Republik Hongaria --- Republik Ungarn --- Republika e Hungarisë --- Republika Mađarska --- Republika Madžarska --- Republika ng Unggarya --- Republika Ungarija --- Republika Węgierska --- Republikang Unggaro --- Republiken Ungern --- Republikken Ungarn --- République de Hongrie --- Repúvlika de Madjaristan --- Respublica Hungarica --- Tjóðveldið Ungarn --- Tlācatlahtohcāyōtl Hungria --- Uhorshchyna --- Uhorsʹka Respublika --- Ungaar --- Ungaïa --- Ungáir --- Ungar --- Ungari --- Ungari Vabariik --- Ungaria --- Ungarii︠a︡ --- Ungārija --- Ungārijas Republika --- Ungarn --- Ungarskata republika --- Ungerija --- Ungern --- Unggarya --- Unggriya --- Ungheria --- Unghirìa --- Ungri --- Ungverjaland --- Unkari --- Unkarin tasavalta --- V.N.R. --- Vengerskai︠a︡ Narodnai︠a︡ Respublika --- Vengerskai︠a︡ Respublika --- Vengrėjė --- Vengrėjės Respoblėka --- Vengrii︠a︡ --- Vengrii︠a︡ Respublikasy --- Vengrija --- Vengrijos respublika --- Vengriya --- Vengriya Respublikasi --- Venhryi︠a︡ --- VNR --- Węgry --- Xiongyali --- Xiongyali gong he guo --- Xiongyali Gongheguo --- Ουγγαρία --- Δημοκρατία της Ουγγαρίας --- Република Унгарија --- Република Мађарска --- Унгар --- Унгарската република --- Унгария --- Унгарија --- Угорська Республіка --- Угорщина --- Мажарстан --- Мажарстан Республикасы --- Мађарска --- Мадярщина --- Маджар --- Маджар Республика --- Венгрыя --- Венгрия --- Венгрия Республикасы --- Венгерская Республика --- אונגארן --- רפובליקא דא מאגיאדיסטאן --- מאגיאדיסטאן --- הונגריה --- ハンガリー --- 匈牙利 --- 匈牙利共和國 --- 헝가리 --- Austro-Hungarian Monarchy --- Poyln --- Polska Rzeczpospolita Ludowa --- Polʹsha --- P.N.R. --- P.R.L. --- Polish Commonwealth --- Polonia --- Warsaw (Duchy) --- Polska --- Polsko --- T︠S︡arstvo Polʹskoe --- Królestwo Polskie --- Polʹskai︠a︡ Narodnai︠a︡ Respublika --- PNR --- PRL --- Poljska --- Lehastan --- Polin --- Būlūniyā --- Polonyah --- République populaire de Pologne --- Polen --- Ppolsŭkka --- Polish People's Republic --- Republic of Poland --- Poland (Territory under German occupation, 1939-1945) --- Generalgouvernement (Poland) --- Generalne Gubernatorstwo (Poland) --- General Government (Poland) --- Heneralʹna hubernii︠a︡ (Poland) --- Rzeczpospolita Polska --- Polish Republic --- Congress Kingdom of Poland --- Congress Poland --- Królestwo Kongresowe Polskie --- Kongresówka --- Kingdom of Poland --- Lahistān --- لهستان --- Polandia --- Полшэ --- Polshė --- Pole --- Republiek van Pole --- Republik Pole --- Polaland --- Polisce Cynewise --- Полша --- Полониа --- بولندا --- Būlandā --- Polóña --- Tavakuairetã Polóña --- Польша --- Puluña --- Ripublika Puluña --- Polşa --- Polşa Respublikası --- Pulandia --- Ripublik Pulandia --- Pho-lân --- Pho-lân Kiōng-hô-kok --- Польшча --- Polʹshcha --- Рэспубліка Польшча --- Rėspublika Polʹshcha --- Polonya --- Република Полша --- Republika Polsha --- Poin --- Republika Poljska --- Польшо --- Polʹsho --- Bu̇gėdė Naĭramdakha Polʹsho Ulas --- Polská republika --- Polaki --- Gwlad Pwyl --- Gweriniaeth Gwlad Pwyl --- Republikken Polen --- Republik Polen --- Poola --- Poola Vabariik --- Πολωνία --- Pulógna --- Польша Мастор --- Polʹsha Mastor --- República de Polonia --- Pollando --- Respubliko Pollando --- Repúbrica de Poloña --- Poloniako Errepublika --- Pólland --- République de Pologne --- Poalen --- Poloonya --- Polonie --- An Pholainn --- Pholainn --- Poblacht na Polainne --- Yn Pholynn --- Pholynn --- Pobblaght ny Polynn --- A' Phòlainn --- Poblachd na Pòlainn --- Borandi --- Pô-làn --- Польшин Орн --- Polʹshin Orn --- 폴란드 --- P'ollandŭ --- Pōlani --- Polish-Lithuanian Commonwealth --- Crown of the Kingdom of Poland and the Grand Duchy of Lithuania --- Commonwealth of Poland --- Lehastani Hanrapetutʻyun --- Польшæ --- Polʹshæ --- Польшæйы Республикæ --- Polʹshæĭy Respublikæ --- IPoland --- IPolandi --- Lýðveldið Pólland --- Repubblica di Polonia --- פולין --- רפובליקת פולין --- Republiḳat Polin --- Poleni --- Kunngiitsuuffik Poleni --- Pòlskô Repùblika --- Poloni --- Polonye --- Polòy --- Puoleja --- Puolejis Republika --- Polija --- Polijas Republika --- Lenkija --- Lenkijos Respublika --- Polsca --- Republica de Polsca --- Pol'šu --- Polskas --- Bupoolo --- Bupolska --- Ripablik kya Bupoolo --- Lengyelország --- Lengyel Köztársaság --- General Government for Occupied Polish Territories --- Lithuania (Grand Duchy) --- BNUU --- БНУУ --- Bu̇gd Naĭramdakh Ungar Uls --- Ajustement de la commercialisation, Aide à l' --- Commerce international et emploi --- Politique de l'emploi --- Subventions --- Commerce extérieur --- Aide au développement économique régional --- Politique commerciale --- Politique industrielle --- Droit --- Soiouz Sovetskikh sotsialistitcheskikh respoublik --- Sojuz Sovetskih Socialističeskih Respublik --- Union des républiques socialistes soviétiques --- Union soviétique --- Ex-URSS --- Pays de la CEI --- Russie --- Asie --- Europe --- Československo --- République tchèque --- Slovaquie --- Magyarország --- Autriche-Hongrie --- Alföld (Hongrie) --- Europe du Centre-Est --- Pays de l'Union européenne --- Opinion publique polonaise --- Pays slaves --- Groupe de Visegrad --- Civilisation --- Conditions économiques --- Conditions sociales --- Histoire --- Moeurs et coutumes --- Politique et gouvernement --- Relations extérieures --- Vie intellectuelle --- Divisions politiques et administratives --- Antiquités --- Étude et enseignement --- Frontières